Legend Biotech (NASDAQ:LEGN) Downgraded to “Hold” Rating by Truist Financial

Legend Biotech (NASDAQ:LEGN) was downgraded by Truist Financial from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

A number of other research firms have also recently weighed in on LEGN. Jefferies Financial Group set a $21.00 price objective on shares of Legend Biotech in a research report on Thursday, January 22nd. Barclays decreased their target price on Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. Cantor Fitzgerald cut their target price on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a research report on Monday. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $66.00 price objective on shares of Legend Biotech in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $55.08.

Legend Biotech Price Performance

Shares of Legend Biotech stock opened at $19.75 on Monday. The stock has a 50 day moving average price of $20.23 and a 200-day moving average price of $27.85. Legend Biotech has a one year low of $16.24 and a one year high of $45.30. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of -30.38 and a beta of 0.10. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.80 and a current ratio of 2.86.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently modified their holdings of LEGN. Suvretta Capital Management LLC lifted its stake in shares of Legend Biotech by 73.1% in the 4th quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock valued at $143,672,000 after purchasing an additional 2,790,620 shares during the period. Westfield Capital Management Co. LP increased its position in Legend Biotech by 1.2% during the fourth quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company’s stock worth $134,020,000 after purchasing an additional 70,191 shares during the last quarter. Artisan Partners Limited Partnership boosted its holdings in Legend Biotech by 20.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after purchasing an additional 425,684 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Legend Biotech by 120.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after purchasing an additional 1,188,449 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Legend Biotech by 4.6% in the 3rd quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock valued at $53,251,000 after buying an additional 72,371 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

About Legend Biotech

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.